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Old 03-06-2019, 09:50 PM   #1
Jeff P
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Fed tax on stock trades?

Lawmakers introduce bill to tax financial transactions:
https://finance.yahoo.com/news/lawma...211353714.html

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A group of lawmakers wants to tax financial transactions -- a move they argue will generate billions of dollars in revenue and reduce the risk of another financial crisis.

On Tuesday Sen. Brian Schatz (D-Hawaii) introduced the Wall Street Tax Act in the Senate, while Rep. Peter DeFazio (D-OR) introduced legislation in the House.

Sen. Kristen Gillibrand (D-NY), a 2020 presidential contender, Rep. Alexandria Ocasio-Cortez (D-NY), and other progressive lawmakers have signed on as co-sponsors.

The plan would tax the sale of stocks, bonds and derivatives at 0.1%. (A stock trade of $1,000 would incur a tax of $1.)

Have to admit I'm a little lost here --

Wouldn't taxing the dollar proceeds of selling (say) 100 shares of AAPL discourage middle class investors like myself from funding an IRA or buying shares of (say) AAPL in the first place?

Imo, the Federal Government needs to be encouraging saving and investing for retirement - not taxing it.





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Old 03-06-2019, 10:02 PM   #2
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And once a revenue stream is opened, it will only increase.
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Old 03-06-2019, 10:25 PM   #3
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I actually think it would help long term investors and hurt the computer scalpers who think long term is 10 seconds.
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Old 03-06-2019, 10:29 PM   #4
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I believe there's more to this at first glance.....IMO, large volume microsecond traders are the target here, either start giving us a cut of those sure profits voluntarily or we'll tax them out of you....This is just the tip of this iceberg.
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Old 03-06-2019, 10:48 PM   #5
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If AOC is in favor of it, it is a stupid idea.

Democrats - nothing but thieving bastards.
Take, take, take........scumbags the lot of them.
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Old 03-07-2019, 01:43 AM   #6
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I think they are targeting the high frequency trading companies.
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Old 03-07-2019, 10:15 AM   #7
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The end goal might be targeting high frequency traders.

But --

The bill as currently written targets everybody.



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Old 03-07-2019, 10:33 AM   #8
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Originally Posted by plainolebill View Post
I think they are targeting the high frequency trading companies.
Implying that high frequency trading is bad for the market?
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Old 03-07-2019, 07:28 PM   #9
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Implying that high frequency trading is bad for the market?
Of course it is.
They always claim to be "providing liquidity".
But they are just extracting wealth while providing NO benefit.
That's all HFT does.
High frequency traders are the WORST.
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Old 03-07-2019, 08:48 PM   #10
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If congress does this you can bet they will exempt themselves
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Old 03-07-2019, 09:09 PM   #11
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Originally Posted by Burls View Post
Of course it is.
They always claim to be "providing liquidity".
But they are just extracting wealth while providing NO benefit.
That's all HFT does.
High frequency traders are the WORST.
The benefit is the liquidity.

I didn't realize that the stock markets were a zero sum game. Doesn't everybody try to extract wealth?
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Old 03-07-2019, 09:15 PM   #12
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Quote:
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The benefit is the liquidity.

I didn't realize that the stock markets were a zero sum game. Doesn't everybody try to extract wealth?
Sorry Andy, in this instance, I'm in agreement with Burls...Scalpers are worthless in any endeavor they're associated with....They steal, they're thieves, period.
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Old 03-07-2019, 09:27 PM   #13
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The benefit is the liquidity.

I didn't realize that the stock markets were a zero sum game. Doesn't everybody try to extract wealth?
There's a world of difference between typical investors and
high-powered computer programs that sell financial assets within milliseconds of buying them.
Michael Lewis’s “Flash Boys” was a fun read on this.
HFT's aren't the sharks of the market; they're really just the tape worms.
They're scammers with an unfair advantage.
Of course, they've got no shortage of money for high-priced lobbyists
to fight against the introduction of legislation that would take away their unfair advantage.
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